Zimbabwe Stock Exchange records improvements

By Nqobile Charles Bhebhe

Posted on June 6, 2011 10:29

Improved activity on Zimbabwe Stock Exchange (ZSE) has led to an upward value of 23 percent in the first quarter value of firms in which government has a stake.

The market value increased to $84 million up from a December value of $69 million.

“There has been a marked improvement on the local bourse which has benefited the value of nine government portfolio firms” said State Enterprises and Parastatals minister Gordon Moyo on Monday.

Zimbabwe government has significant shareholdings in Astra Industries Limited (66.29 %), Cairns Holdings (66,4%), CBZ Holdings Limited (16.08 %), Hwange Colliery Company (36.56%), Rainbow Tourism Group (5.07%), Tractive Power (66.54%), ZB Bank (26.5%), Zimbabwe Newspaper Group (51.09%) and Zimre Holdings limited (45.4%).

Minister Moyo that the enactment of policies geared at improving the overall performance of the economy is key to the country’s growth.

“Government should strive to craft and adopt police that attract investment as this would help trigger necessary multipliers and usher the economy into sustainable recovery path” said Moyo.

The first quarter of 2010 at the Zimbabwe Stock Exchange was opened on a positive note with a daily average turnover of US$1,2 million.

By close of trading last Friday, ZSE stocks saw improved buying in heavyweight counters as the industrial index advanced 2,04 percent to 164,84 points. Weekly turnover was at US$9,35 million from some 108,3 million shares.

Notwithstanding investors’ concerns over the southern African country’s empowerment laws, minings were solid.

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